European Commission has announced that a Confirmation of Payee solution will be adopted Europe-wide
A great day for the IBAN-Name Check (Confirmation of Payee). In 2016, we introduced the IBAN-Name Check in the Netherlands and in 2019, CoP was introduced in the UK. Yesterday, the European Commission announced that the solution will be adopted Europe-wide, as part of the Instant Payments legislation!
This ensures that instant payments in euro are affordable, secure, and processed without hindrance across the EU. One of the requirements is a Confirmation of Payee solution: an obligation on Payment Service Providers to verify the match between the IBAN and the name of the beneficiary, including bulk payments.
The solution protects banks and their customers against fraud and misdirected payments and thus marks an important step for the European payments system. Results show a mitigation 81% of related payment fraud and 67% drop in misdirected payments, directly with introduction.
Today, 170 Million accounts can be checked by SurePay in the frontrunner countries already via one API. And each week we implement front runner banks to connect to this initiative.
With our experience from checking payments in the Netherlands, UK, France, Italy and SWIFT, SurePay is looking forward to helping and supporting European countries and banks implementing a Confirmation of Payee solution.